Annual report pursuant to Section 13 and 15(d)

Property and Equipment

Property and Equipment

12 Months Ended

Dec. 31, 2014

Property, Plant and Equipment [Abstract]

The major classes of property and equipment are as follows:



	Useful Life	2014		2013
Production machinery and equipment	5 years	$	1,446,551	$	1,239,834
Other machinery and equipment, primarily computers and research equipment	3 – 5 years	602,974		658,860
Furniture and fixtures	7 years	670,567		439,715
Software	3 years	476,530		544,254
Leasehold improvements*	Term of Lease	927,406		726,396
		$	4,124,028	$	3,609,059

* We amortize leasehold improvements over the term of the lease, which in all cases is shorter than the estimated useful life of the asset.

Property and equipment includes $9,000 of equipment under capital leases with accumulated amortization of $5,000 and $3,000 at December 31, 2014 and 2013, respectively. During 2014, 2013 and 2012, we recorded $488,000, $400,000 and $199,000, respectively, of depreciation and amortization related to property and equipment.

- Definition

The entire disclosure for long-lived, physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, accounting policies and methodology, roll forwards, depreciation, depletion and amortization expense, including composite depreciation, accumulated depreciation, depletion and amortization expense, useful lives and method used, income statement disclosures, assets held for sale and public utility disclosures.

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